Additional information Triodos SICAV I

Remuneration policy

Management companies of UCITS funds are required to at least disclose information about their remuneration practices for employees whose professional activities have a material impact on those funds’ risk profile (so-called “identified staff”).

All staff members of Triodos Investment Management were employed by Triodos Bank until December 31, 2017. As of January 1, 2018, all staff members of Triodos Investment Management are employed by Triodos Investment Management. The total remuneration in 2017 of 186 staff members working for Triodos Investment Management is EUR 14,664,564. Triodos Bank and Triodos Investment Management believe good and appropriate remuneration for all their employees is very important. The core elements of the international remuneration policy of Triodos Bank are set out in the Principles of Fund Governance, which can be accessed via www.triodos-im.com. The wage system used by Triodos Bank and as per January 1, 2018, also used by Triodos Investment Management, does not include bonuses or share option schemes. Financial incentives are considered as an inappropriate way to motivate and reward employees. Variable remuneration is therefore limited. The Management Board of Triodos Investment Management annually assesses the remuneration policy. Besides the members of the Management Board, these are also the head of SRI and the managers of support departments.

The tables on the next page provide an overview of the total remuneration, broken down into fixed and variable remuneration, and the remuneration of the senior management and the identified staff. The cost allocation model of the management company is used for the allocation of staff to Triodos SICAV I. In this model, allocations are based on activities of the co-workers (activity-based costing method). As this table is intended to show the remuneration of employees, all other costs incurred by the management company of the fund, such as housing, workplace and travel costs and the cost of outsourced activities and external consultants, are excluded. The amounts shown in the tables include income tax, social security contributions, pension contributions and tokens of appreciation.

Triodos Bank and Triodos Investment Management may provide additional individual tokens of appreciation to co-workers up to a maximum of one-month salary. These tokens of appreciation are for extraordinary achievements and are at the discretion of management in consultation with Human Resources. Such a token is not based on pre-set targets and always offered in retrospect. An annual, collective token of appreciation may be paid for the overall achievements and contribution of all co-workers. This very modest amount is the same for all co-workers with a maximum of EUR 500 for each co-worker. This can be paid in cash or in Triodos Bank NV depository receipts. In 2017, no collective end-of-year token of appreciation was awarded. As an outcome of the collective labour agreement negotiations, however, every co-worker received a one-off benefit of EUR 500. This amount is reported under variable remuneration. The largest part of the variable remuneration awarded in 2016 was related to the collective token of appreciation. There are no co-workers working at Triodos Investment Management with a total remuneration of EUR 1 million or more. Triodos SICAV I does not have any co-workers.

Triodos Investment Management

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(amounts in EUR, numbers italic)

Co-workers at management company

Identified staff in senior management positions

All other identified staff

2017

2016

2017

2016

2017

2016

 

 

 

 

 

 

 

Number of staff involved

186

160

9

7

23

21

Average FTEs

156.6

128.1

6.6

6.5

18.3

17.0

 

 

 

 

 

 

 

Remuneration

 

 

 

 

 

 

Fixed remuneration

14,545,631

11,987,201

1,224,062

1,216,949

2,414,615

2,279,973

Variable remuneration

118,933

96,057

2,123

5,674

13,584

9,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total remuneration

14,664,564

12,083,258

1,226,185

1,222,623

2,428,199

2,289,850

 

 

 

 

 

 

 

Triodos SICAV I

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(amounts in EUR, numbers italic)

Co-workers directly involved in Triodos SICAV I

Identified staff in senior management positions

All other identified staff

2017

2016

2017

2016

2017

2016

 

 

 

 

 

 

 

Number of staff involved

28

25

4

4

6

5

Average FTEs

25.0

14.8

1.0

0.8

2.5

1.9

 

 

 

 

 

 

 

Remuneration

 

 

 

 

 

 

Fixed remuneration

2,304,600

1,385,080

176,700

171,156

343,567

242,952

Variable remuneration

18,337

10,968

248

629

1,201

1,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total remuneration

2,322,937

1,396,048

176,948

171,785

344,768

244,015

 

 

 

 

 

 

 

Remuneration delegated activities

In the autumn of 2017 the European Securities and Markets Authority (ESMA) set further requirements with regards to the scope of the remuneration disclosures under the applicable European legislation. The remuneration disclosures should now also include disclosures about delegated portfolio management activities. This is why the disclosures should now also include a disclosure about the remuneration policy applied by Delta Lloyd Asset Management, part of NN Group.

Delta Lloyd Asset Management is charged with the portfolio management activities for Triodos SICAV I. The qualitative disclosure about the remuneration policy does not contain any elements that fundamentally conflict with that of Triodos Investment Management. For more detailed information we refer to the following website: https://www.nnip.com/web/file?uuid=b7afd8f7-e27e-4bfb-9e37-a6a3a6f86013&owner=f23032d2-df50-4d07-915b-6143862fa2ea&contentid=12466

The following aggregated remuneration data for 2016 were provided by Delta Lloyd Asset Management. When this annual report was being prepared, quantitative information for 2017 was not yet made available. The following aggregated remunerations are for the other identified staff, including senior management and other staff of Delta Lloyd Asset Management, and have not been allocated to remuneration on a fund level.

Delta Lloyd Asset Management

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(amounts in EUR, numbers italic)

Co-workers at Investment Manager

Identified staff in senior management positions

All other identified staff

2016

2016

2016

 

 

 

 

Number of staff involved

167

7

44

 

 

 

 

Remuneration

 

 

 

Fixed remuneration

19,013,633

1,497,829

8,911,130

Variable remuneration

1,313,329

48,508

22,419

 

 

 

 

 

 

 

 

Total remuneration

20,326,962

1,546,337

8,933,549

 

 

 

 

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